09:30     CITIC PACIFIC<00267> - Announcement (4)                             

    In this announcement, the following expressions have                      
    the meanings set out below, unless the context                            
    otherwise requires:                                                       
                                                                              
    "Agreement"     the agreement-in-principle dated 28                       
    February 2005 between the JV Shareholders, pursuant                       
    to which the JV Shareholders have agreed to the                           
    Variation Arrangement in consideration of Sunspark                        
    paying the Compensation to the other JV Shareholders;                     
                                                                              
    "associate(s)", "connected person(s)" and                                 
    "substantial shareholder(s)"    each of which has the                     
    meaning ascribed to it under the Listing Rules;                           
                                                                              
    "Company"       CITIC Pacific Limited, a company                          
    incorporated in Hong Kong whose shares are listed on                      
    the Stock Exchange;                                                       
                                                                              
    "Compensation"  RMB500 million (approximately                             
    HK$470 million), being the aggregate compensation                         
    payable by Sunspark under the Agreement to the other                      
    JV Shareholders for the Variation Arrangement;                            
                                                                              
    "Director(s)"   director(s) of the Company;                               
                                                                              
    "Jiangsu Provincial Investment" Jiangsu                                   
    Provincial Investment & Management Corporation,                           
    an enterprise established in the                                          
    PRC;                                                                      
                                                                              
    "Joint Venture" Jiangsu Ligang Electric Power                             
    Company Limited, which is a                                               
    Sino-foreign equity joint venture established in the                      
    PRC;                                                                      
                                                                              
    "JV Contract and Articles"      the existing joint                        
    venture contract and articles of the Joint Venture;                       
                                                                              
    "JV Shareholders"       the beneficial owners of equity                   
    interest in the Joint Venture (i.e. Sunspark,                             
    Sunburst, Jiangsu Provincial Investment, SDIC and                         
    Wuxi Power), and a "JV Shareholder" means any one of                      
    them;                                                                     
                                                                              
    "Listing Rules" The Rules Governing the Listing of                        
    Securities on the Stock Exchange;                                         
                                                                              
    "Percentage Ratios"     has the meaning set out in Rule                   
    14A.10(10) of the Listing Rules;                                          
                                                                              
    "Phase I"       the two generating units of the phase one                 
    power plant of the Joint Venture;                                         
                                                                              
    "Phase II"      the two generating units of the phase two                 
    power plant of the Joint Venture;                                         
                                                                              
    "PRC"   People's Republic of China;                                       
                                                                              
    "RMB"   Renminbi, the lawful currency of the PRC;                         
                                                                              
    "SDIC"  SDIC Electric Power Co., an                                       
    enterprise established in the PRC;                                        
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong                   
    Limited;                                                                  
                                                                              
    "Sunburst"      Sunburst Energy Development Company                       
    Limited, an enterprise established                                        
    in the PRC;                                                               
                                                                              
    "Sunspark"      Sunspark Power Investment Company                         
    Limited, a company incorporated in                                        
    Hong Kong with limited liability, which is a wholly                       
    owned subsidiary of the Company;